Cutting tools such as counterbore cutters typically employed in the industry are generally used for rugged cutting operation and are primarily made of expensive material such as high speed steel. Prior to the present invention, these tools were made from a blank of this expensive material to integrally form both the standard shank driver as well as the cutting head itself. The cutting head and the integrally formed shank driver are then mounted in an appropriate conventional holder which includes a shank portion adapted to fit standard machines.
This prior construction requires that the shank driver as well as the cutting head be made of the very expensive high speed steel. Of course, this type of material is more difficult to machine and therefore the expense of this type of tool is further increased. After the cutting head becomes worn through use, it is discarded which also neccessitates discarding the otherwise useful shank portion.
Therefore cutters of this type are relatively expensive and their constructions contributes to the waste of very expensive material. The solution to this long standing problem resides in finding a better construction which provides the necessary qualities demanded of such a tool and yet eliminates the prior waste of materials and maximizes the useful life of the tool while minimizing the cost of manufacture.